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As you have mentioned that you have many misconceptions, let me clear it first.

DevOps is not simply combining Development & Operations team

DevOps is not a separate team

DevOps is not a product or a tool

DevOps is not automation

DevOps is not a technology

Basically, it is a culture that is being followed by many organizations.

It is a continuous process and contains various stages such as :

Continuous Integration

Continuous Development

Continuous Testing

Continuous Deployment

Continuous Monitoring

The main goal of DevOps is to increase the quality of product to a great extent and to increase the collaboration of Development and Operation team as well so that the workflow within the organization becomes smoother.

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DevOps is a software development approach which involves Continuous Development, Continuous Testing, Continuous Integration, Continuous Deployment and Continuous Monitoring of the software throughout its development life cycle. These activities are possible only in DevOps, not Agile or waterfall, and this is why Facebook and other top companies have chosen DevOps as the way forward for their business goals. DevOps is the preferred approach to develop high quality software in shorter development cycles which results in greater customer satisfaction.